"Be Careful Now Or You May Go Bankrupt" Gareth Soloway Crypto Interview
Today, our guest is gareth soloway in this video gareth soloway talks about the current snp and the bitcoin market situation, as he resembles bitcoin with the dot com bubble. He also explains how to navigate current crash. If you enjoy this, highlight videos, please kindly subscribe and help share this video for us to share more of this valuable content. Thank you. Bitcoin fell thursday as a sell off in global risk. Assets resumed with crypto investors reeling from a dramatic plunge over the last few days that saw the worlds largest cryptocurrency almost drop below twenty thousand dollars. At 4, 18 pm at bitcoin was trading at around twenty one thousand dollars down more than three percent. In the past day, according to data from coinmetrics, bitcoin is sitting at levels not seen since late 2020.. The digital currency is down more than 20 percent in the last week and has dropped more than 60 percent. From its all time, high in november, bitcoin has been closely correlated with stock indexes, in particular the nasdaq which rose on wednesday after the u.s federal reserve, height interest rates by 0.75 percentage point on thursday. However, the tech heavy nasdaq fell more than three percent. There are a number of issues weighing on the crypto market. Sentiment is shaken after the collapse of so called algorithmic, stablecoin terra usd along with its sister token luna. The current bear market, which has often dubbed a new crypto winter, is also testing the strength of other projects.
Another algorithmic, stablecoin nust also lost its dollar peg earlier this week. Meanwhile, all eyes are on celsius. The crypto lending platform that might be facing insolvency sparking fears of contagion into the broader market earlier this week, celsius paused withdrawals for customers in this video gareth soloway gives his detailed view on the current market situation and, basically, im still thinking that you know whether or Not we get a bounce today and by the way on options expiration friday, like today, you can see the futures up early and then they sell off by the end too. So i mean we dont, really know where things will end out the weekend, but the bottom line is, i still think in the near term, meaning over the next week. We probably have to test this first level. You can see of all the levels along here. This is probably the first one where you start getting a pivot high and then also a little support chop right here, so i would say short term 358 359 area its not that much further lower at this level. I think you do get a at least multi day bounce off of it. So again, who knows what today, what today does, but i do think that we ultimately have more downside in the next week. Well, probably, tag this level now if we go lower and eventually i think we do, even if we do get a bounce at the first level, youre looking at this one as being a major major level.
This is the pre covered high on the spy and thats at around 337 to 338 from there. I actually think the markets could start to see a sustainable um, maybe multi week, bounce, maybe even a month. One of the things i was speculating on yesterday was that potentially bitcoin, maybe pierces. 20 000 goes to 19, 5, 19, 2, 19, 1, and then you could actually get a decent bounce there as well, and my thesis for that was actually based on the fact that if you look at the 10 year, yield right lets go to the 10 year. Yield um, you actually have a weekly potential, topping tail im, not shooting your chart. Oh sorry, sorry about that. Let me bring that up. So here we go so this is the this is the 10 year yield chart right and i do follow the 10 year yield because we know the bond market is massive even compared to the stock market. Its way way bigger – and you have to look at this – so you have this trend line that we just tagged this week at 3.5 percent and you also have a topping tail on the weekly chart. So topping tails are bearish, reversal, signals and again when it occurs at a short term high and you really and honestly, you have to go back quite a ways i mean you probably have to go back to here, which is 2011. to see the last time we Were above this level on the 10 year, so so thats a bearish signal and we know if yields come in, it usually encourages risk taking, because people are making less money in the bond market on interest and therefore again, it could be a reason why bitcoin could Get a bounce in this range, this 1920 range, even in some respects, bitcoin as well.
So again i am looking at bitcoin and – and i do think that there is a chance that you know – maybe it still has to pierce 20 000, because theres a lot of stops there. You have to run those stops and kind of get rid of those people. Even though you know its just psychological at this point, but it wouldnt shock me to see a bounce back to 30 after we get to this 20 ish, which we kissed already or maybe, 19 ish area markets tend to like threes right. So three bar surges before a chart – pauses um – you know things like that, and so what what you can see here on the chart of bitcoin is this. This was your initial move down. This is your secondary move down right and then maybe again we get that sideways like this, and then you get your final flush out whether its my 12 000 target. Maybe it goes below im not sure, but but im relatively confident that well at least go below twenty thousand. How much lower i think again. Twelve thousand could be it, but we would get that three one two kind of three and the final third is really the the one where people throw up their hands, and i would i would just say this – is that you have a lot of pain in the Crypto markets, but you dont, i wouldnt, say people are giving up yet on bitcoin, right and thats.
One of the notes that i look for is like when people finally throw up their hands and say its too much pain. I cant take it anymore, thats, the bottom right now you have. Oh, my goodness. This is a lot of pain, but i still think its going to go up so im going to buy more. You know, and thats and thats, usually not the bottom and then even to take it one step further here – and this is just you know, i just i love just playing around with charts right. So so one of the things that i like to do is what i call parallels and um, basically its just finding a parallel line with another level um that matches up so one of the things here. If we go to parallels, you can see that you you draw this line through here, which, again, if you extend it down, this has been the line that right here see these lows, and this is what we just broke recently right so yeah. So you have pivot low here here here and here and then we finally broke it well extend that out more lets do an extension out even more what about with these lows right. So these lows right from here here here and here and look at the where that line is right. Now its kind of right around 12 000. now granted its going to slow down a little bit below by the time price probably gets there in a month.
Two months or whatever, but i do think that parallels are very, very powerful in dictating price action where its going to find support and resistance. So one of the things that ive been talking about a little bit is that this is the first cycle in bitcoin. Bear cycle where you have high inflation right so starting in 2009, we didnt thats when it started, we didnt have high inflation, and this is the first period we do and then also you have. This is the first period where the federal reserve has actually stopped printing and is kind of reversing. The printing press is trying to suck money out, and so you just have to be a little careful here, because its its really uncharted territory for cryptocurrencies as a whole. I love long term crypto, at least at least the big players like bitcoin and ethereum, but i do think that, like this is the dot com moment for cryptocurrencies, and i dont think that you know maybe five percent of cryptos will survive this, but what that also Tells me is: we have to go lower because theres still way too many nonsense. Coins out there that really dont have a big use case. They understand some of these things because i remember when i started investing in small caps and, like you know that was my beginning. You know trying to make lots of money on a small amount of money. Just like a lot of people do and – and man did.
I get you know, hammered so many times just doing bad things and not really understanding. So people need to really understand what theyre investing in the first half of bitcoins fall can be blamed in large part on the stock market, while cryptos should theoretically trade independently of mainstream financial markets, bitcoin has become largely correlated with other risk, sensitive assets like stocks and Especially tech stocks, but the damage to bitcoin and its peers goes beyond that. Many of the largest tokens have lost 20 percent in the last day, with the total market cap of the crypto economy, down more than 15 to 950 billion dollars, as selling pressure has spread across the crypto landscape. In the last day, cracks are emerging and significant market participants are breaking down. How do you see the future of the crypto market in the short term, share your views and help people understand the market better. Thank you. If you enjoy this, highlight videos, please kindly subscribe and help share this video for us to share more of this valuable content.